Depicts a red penannt, red streamer and white ensign used as an accident sign in the center mast
a red pennant, white streamer and white ensign used as a safety sign on the rear mast; five-striped
ensign of Sea Goddess 天上聖母 at the fore.Nozomi Kariyasu, 18 October 2006

The ship's bow is to the left; the correct masts' names on the depiction below are:

white ensign used as a safety sign on the foremast; five-striped ensign of Sea Goddess 天上聖母 at the mizzenmast.

A. Sedano, 24 Mar 2012

I found this photograph of a start of last century five-masted junk at digitallibrary.usc.edu. The junk has what looks like a tender in tow, hence, we can distinguish quite clearly between the fore and the aft of such a junk.
This allows us to see that in our image, the bow is to the right! The
photograph has the bow slightly sharper, but I don't know whether our
source had as well. The impression of the flags being fully visible
gives the impression that we're seeing the "Flying Chinaman" here - an
ancient junk cursed to forever sail the seas, that will always take it's
course dead against the wind - but I guess that's done to make them as
visible as possible.Peter Hans van den Muijzenberg, 25 Mar 2012 & 10 April 2015